Income tax payment
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
30 March 2016
DEAR SIR,
I WANT PAY INCOME TAX FOR FINANCIAL YEAR 2015-16, CORRESPONDING ASSESSMENT YEAR 2016-17 WITH IN 31ST MARCH 2016 I.E. WITH IN THESE TWO DAYS.DUE DATE FOR ADVANCE TAX PAYMENT IS ALREADY GONE BUT THE FINANCIAL YEAR IS NOT ENDED YET. KINDLY LET ME KNOW SHOULD I PAY THE INCOME TAX AS SELF ASSESSMENT TAX OR AS ADVANCE TAX.
THANKING YOU,
I WANT PAY INCOME TAX FOR FINANCIAL YEAR 2015-16, CORRESPONDING ASSESSMENT YEAR 2016-17 WITH IN 31ST MARCH 2016 I.E. WITH IN THESE TWO DAYS.DUE DATE FOR ADVANCE TAX PAYMENT IS ALREADY GONE BUT THE FINANCIAL YEAR IS NOT ENDED YET. KINDLY LET ME KNOW SHOULD I PAY THE INCOME TAX AS SELF ASSESSMENT TAX OR AS ADVANCE TAX.
THANKING YOU,
CA Darshan
(Expert)
30 March 2016
If you are liable for advance tax and tax liability is not nominal then we will suggest to pay the advance tax before 31st March, so interest liability would be minimise.
If you will pay at the time of Self Assessment you have to interest under section 234 A,B & C (where ever applicable).
If you will pay at the time of Self Assessment you have to interest under section 234 A,B & C (where ever applicable).
30 March 2016
Pay as advance tax. [ref:- proviso to section 211(1)].
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